Bitcoin (BTC) Mid Day Update: Larger Degree of Trends Perspectives

in #bitcoin7 years ago

SUMMARY

Note: The Video Analysis has tons more details. Please consider viewing it.

I wanted to share with you some additional perspectives ranging from primary count to alternates and larger degree of trends. The below chart is my current primary count. I believe the descending wedge has consistently been shown to be a very bullish pattern, once complete and confirmed. To that end, waves have completed a,b and c and the d wave could be on its way. The earlier morning update I had shown regarding the Head & Shoulders and ascending right triangle coudl provide the impetus support to carry prices to around $13,568 or so. For those who have zero cash to buy the corrections could consider farming for cash during this bounce. Could price exceed the wave d mark? Yes! Especially given how oversold the MACD is. IF so, then I'll send an update.

Here is the MACD. The video takes you through the 9,12 and 26 day moving averages and how these are applied to the buy and sell indications. The bottom line is that the MACD continues making newer all time lows on a daily scale. This means that a rubber band can only be streteched so far before it snaps. A bottom could be signaled by a major buy signal as shown below where the blue line converges with the red and crosses up. Again, more details on exactly how the MACD indicator works is in the video.

Sometimes it seems like Jeff Berwick and I are the only remaining BULLS in the cryptosphere. I believe 2018 will a parabolic year for Bitcoin and Altcoins. Percentage to percentage, the Altcoins will outpace easily. The below is my larger degree of trend. Is it a guarnatee? Well, if that's what you're looking for, the you're in the wrong place. I offer my analysis only to augment your own due diligence. So, no, it's NOT a guarantee. Rather, its the result of identifying as many possibilities and narrowing them down to a handful of possibilities and then selecting the primary and alternate pathways. I have been deadly consistent in my call for the $30k and then $70k and from the perspective of larger degree of trends, this correction level could represent a buying opportunity that won't return. So, do you have cash to buy? Why not? If not, raising some cash into the bounce would be something to consider. In addition, if you buy everything in a single transaction..you're at primce chance of suffering from Buyer's Remorse pains. Likely, price will go below your buy price and that is not a pleasant feeling. So, what to do and how does @haejin buy? LADDER IN YOUR BUYS!! The linke to laddering and how this is achieved is at the bottom of this blog.

Legal Disclaimer: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.

Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?

Follow me on Twitter for Real Time Alerts!!
Follow me on StockTwits for UpDates!!
--
--

If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
BTC Wallet - 1HMFpq4tC7a2acpjD45hCT4WqPNHXcqpof
ETH Wallet - 0x1Ab87962dD59BBfFe33819772C950F0B38554030
LTC Wallet - LecCNCzkt4vjVq2i3bgYiebmr9GbYo6FQf

Sort:  

Coin Marketplace

STEEM 0.25
TRX 0.20
JST 0.035
BTC 95947.49
ETH 3420.95
USDT 1.00
SBD 3.40